There is no penalty for athletes who transfer now. They can still graduate, go to parties, etc. The eligibility thing doesn't apply to coaches, regular students, research grads, etc., so that is just a useless comparison.
I was just answering the previous question about subsequent transfers, not the initial transfer which, as you state, is now free of penalty. Presumably conferences, or perhaps even individual schools, will come up with rules for subsequent transfers. Who knows what that will look like? But I think it will probably be along the lines of the previous loss-of-eligibility-must-sit-out flavor. I also think that they won't last long either once properly challenged. Since one of the key original arguments for allowing this new rule change was that nobody else associated with a university has such restrictions/penalties, I suspect even the 'one-time-only' part is going to go by the wayside soon enough.